Problem 5-18 (PHILCPA Adapted) On January 1, 2020, Easy Company reported accounts receivable P2,070,000 and allowance for doubtful account Writeoffs 260.000 295,000 300,000 310.000 P80,000. Recoveries Credit sales 22.000 2017 11,100,000 37,000 2018 12,250,000 36,000 2019 14,650,000 40,000 2020 15,000,000 The collections from customers during 2020 totaled P14,000,000, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2020? 2. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2020? 110,000 b. 378,000 c. 300,000 d. 478,000 3. What is the net realizable value of accounts receivable on December 31, 2020? a: 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000